Archive for June, 2010

Trading the DOW futures market

Trading the DOW futures market

I got home today and decided to see if I could quickly scalp the DOW jones. You can see that the market fell shortly after the open and bounced back up a little. I was looking for a long trade if the market went above the previous high. I had an order at 10385 and was looking to ride it as far as possible, selling out as soon as I felt some resistance in the market. Well, the order triggered and went up nicely... the first port of resistance was the big round number at 10400 and I got out aro

June 17, 2010 No Comments Full Story

GBPUSD – all in a days trading (or not)

GBPUSD - all in a days trading (or not)

Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn't trade... The 4-to-7 trading system's range was 14

June 15, 2010 No Comments Full Story

Monster Rally on the GBPUSD

Monster Rally on the GBPUSD

The GBPUSD really powered ahead today..  I was trading my 4-to-7 breakout strategy and got my 30 pips. It seems pathetic when the market powered on another 170 pips or so.. still, a profit is a profit! The range was 14632 and 14597. I didn't trade the 9-to-9 however. If the range is over 120 pips or so, the movement has already been too large for the day. Also, I can't scale my trade to be small enough so that the hefty pip stop loss is a mere 5% of my trading account. The top

June 14, 2010 No Comments Full Story

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